Dear Jim,
I just pulled some random "popular" stocks. Look at these charts, and tell me what FUNDAMENTALLY changed around November, 1999, other than a flood of money into the economy and hence, the market by the "hoaxed up" Y2K scare by the US government. If this isn't a mania??? I still can't figure out the "why", but when I see all this "double bottom", "extreme oversold", "major downtrend", "lower boundary", MY logic says, "oversold from where?" -- "lower boundary by what standards?"
Look at each of the stocks' charts. Why were these stocks only worth what they were for the first 3/4 of the year and then, BAMM -- they all deserve PEs of 50, 60, 70, 80, 90, 120, 150, 200, 300, 500, 2200, 3300 or worse, they have no earnings and are valued out 2, 3, 5, or 10 years!!!
I say this market is being run by traders and no longer investors. Once again, like the US population's condoning this Administration's actions for the past 8 years, I can only see a bad result from a market based on TOTAL gambling and not at least some investing.
Look at the charts and give me a logical explanation for what I see as I follow them from January, 1999 to November, 1999 and then what??? Then, logically, why they won't return, AT LEAST, to this pre-November level???
finance.yahoo.com
Thanks.
I remain,
SOROS |
